CoinShares pulls plug on select crypto ETFs ahead of US listing

(Reuters) -CoinShares filed on Friday to withdraw its plan to launch three exchange-traded funds, as the European cryptocurrency firm plans to focus on higher-margin opportunities ahead of its U.S. listing. CoinShares has filed with the Securities and Exchange Commission to withdraw its registration statements for XRP ETF, solana staking ETF, and litecoin ETF. CEO Jean-Marie Mognetti said that as the U.S. market consolidates around large players in single-asset crypto ETPs, opportunities for differentiation and sustainable margins are limited, necessitating a "different playbook". Separately, the company is also winding down its CoinShares bitcoin futures leveraged ETF. The company said it is aiming to introduce new products to the U.S. market over the next 12 to 18 months, including crypto equity exposure vehicles, thematic baskets and actively managed strategies combining crypto and other assets. In September, CoinShares agreed to list on the Nasdaq through a $1.2 billion merger with special purpose acquisition company Vine Hill Capital Investment Corp. Focused on crypto since 2013, CoinShares had around $10 billion in assets under management as of September, with a presence in France, Sweden, the UK, and the U.S. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)